BKV Corporation (BKV) and NuQuest Energy LLC (NuQuest) announced today that they entered into a carbon sequestration agreement with the State of Louisiana to develop facilities and permanently sequester carbon dioxide from local emissions sources, supporting the goal to reduce their carbon footprints and supporting BKV’s commitment toward achieving net-zero carbon emissions in its upstream businesses.
The State of Louisiana granted the carbon storage and sequestration rights on approximately 21,000 acres of land in St. Charles and Jefferson Parishes to High West Sequestration, LLC. The acreage is in an ideal location for targeted carbon dioxide capture and sequestration efforts, with an estimated 22 MM tons per year, within a 15 mile radius from various emissions points.
In addition, the High West storage site has a large carbon dioxide storage potential, estimated between 140 MM to 1,000 MM metric tons of CO2e, subject to further evaluation, planning, and development design decisions. Carbon capture and sequestration is the process of capturing and permanently storing carbon dioxide, which reduces the amount of pollutive carbon dioxide in the atmosphere.
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Under the agreement, High West Sequestration, LLC, a wholly owned subsidiary of BKV Corporation and a member of the BKV family of companies, will dispose of carbon dioxide waste from local emissions sources through permanent sequestration via injection wells on the designated acreage.
BKV Chief Executive Officer Chris Kalnin said, “It is critical that companies in our industry work together with various emitters and other industries to bring actionable change and move large-scale carbon reduction projects forward. This partnership allows us to move forward with significant sequestration efforts and brings us one step closer to the production of measured net zero natural gas, a carbon neutral natural gas product.”
NuQuest Co-Founder Kirk Barrell said, “NuQuest Energy has levered its 120 years of petroleum industry experience to identify, evaluate, and develop a world class carbon sequestration site geographically focused on the Mississippi River corridor. We’re excited to partner with BKV, the State of Louisiana, and local stakeholders on this project.”
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BKV has previously demonstrated their commitment to carbon reduction activities, by launching a dedicated carbon capture, utilizations and sequestration (CCUS) business line, BKV dCarbon Ventures, and equipping it with the resources needed to evaluate and build a pipeline of feasible CCUS projects.
BKV dCarbon Ventures has a strategic focus on permanent sequestration of point-source emission and is focused on driving CCUS innovations and project development.
“This agreement reinforces our commitment to leading the way in the production of measured net-zero natural gas,” BKV Vice President dCarbon Ventures Lauren Read said. “We look forward to being a leader in CCUS in Louisiana and working with the State, NuQuest, and other like-minded companies, who are ready to address climate change head-on.”
